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Audit
Internal Audit workpaper record retention
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#1561320
-
06/07/11
01:06 PM
Internal Audit workpaper record retention
Banker
100 Club
Joined:
Oct 2007
Posts: 128
Southeastern US
Is there a rule guiding how long internal audit workpapers should be retained? If not, what seems to be the acceptable time frame?
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Audit
#1561472
-
06/07/11
04:04 PM
Re: Internal Audit workpaper record retention
Banker
Dlynn58
Platinum Poster
Joined:
Mar 2006
Posts: 789
Texas
Texas retention says 3 years for audit workpapers, 7 years for audit reports.
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#1561486
-
06/07/11
04:19 PM
Re: Internal Audit workpaper record retention
Dlynn58
Tater
Platinum Poster
Joined:
Jan 2006
Posts: 642
Missouri
Missouri is 5 years for all of it.
_________________________
Born once? Die twice.
Born twice? DIE ONCE!
Loan Review, HMDA, ALLL
Opinions are my own and do not reflect any others
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#1561694
-
06/07/11
07:44 PM
Re: Internal Audit workpaper record retention
Tater
happyauditor
Platinum Poster
Joined:
Nov 2004
Posts: 812
NY
We use 7 yrs for w/ps and reports. Not sure if it is a mandatory requirement. I do know at the time the decision was made our external auditor was consulted.
_________________________
* My opinion is not necessarily that of my employer.
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#1561746
-
06/07/11
08:24 PM
Re: Internal Audit workpaper record retention
happyauditor
Skittles
10K Club
Joined:
Sep 2002
Posts: 13,965
TN
Kentucky is 7 years also.
_________________________
My Opinions Only
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#1562353
-
06/08/11
08:15 PM
Re: Internal Audit workpaper record retention
Skittles
DerrickAuditor
Member
Joined:
Mar 2008
Posts: 91
USA
Every state has a different retention period.
KY is 5 years for IA workpapers and 7 years for IA reports.
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#1562478
-
06/08/11
09:26 PM
Re: Internal Audit workpaper record retention
DerrickAuditor
osucpa
Diamond Poster
Joined:
May 2011
Posts: 1,406
Audit reports may be permanent, if they are included in either BOD or Audit Committee packets.
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